Healthcare real estate investment firm secures long-term financing for the 62,724 square foot Kent Ambulatory Services Pavilion in Warwick, R.I.
WARWICK, R.I., and WHITE PLAINS, N.Y., April 2, 2014 – Seavest Healthcare Properties has closed on long-term financing for its recently completed Kent Ambulatory Services Pavilion in Warwick, about 15 miles south of Providence, R.I. The medical office building (MOB) is located on the campus of Kent Hospital, part of the Care New England Health System, and is located at 455 Toll Gate Road in Warwick.
The $14.3 million loan with Washington Trust Co., which closed on Dec. 26, retired the construction loan.
“Seavest was able to secure favorable long-term financing for this property due to a winning combination of factors,” explains Jonathan L. “John” Winer, Senior Managing Director of the White Plains-based healthcare real estate investment firm. “The Ambulatory Services Pavilion is a tremendous asset to the community that has provided the setting for high-quality healthcare since its recent opening in November. It is also part of the well-known Care New England Health System. Add to that our firm’s stability, and the ongoing desirability of healthcare real estate as an investment, and the result is an asset that is attractive not only to its patients and tenants, but to the lending community as well.”
Kent Ambulatory Services Pavilion houses a 31,000 square foot Ambulatory Surgery Center (ASC) and medical office space for physicians. White Plains-based Seavest Properties III healthcare real estate fund owns the building and is leasing it to Kent Hospital for the ASC and other hospital services. The ASC is equipped with eight surgery suites, five expansive and three smaller rooms designed specifically for endoscopic technology. The design of the facility allows easy access from every room to the central surgical core. In addition, the ASC is connected to Kent’s 359-bed acute care hospital in the event a patient needs further care. The ASC also features 28 oversized pre- and post-operative bays for patients’ preparation and recovery, and free Wi-Fi and monitors in the waiting room so friends and family can privately track a patient’s progress.
About Seavest Healthcare Properties LLC
Seavest Healthcare Properties LLC is a real estate investment management firm focused on the medical office and outpatient facility sector. The firm acquires existing properties, joint ventures with established developers to build new properties, and asset manages medical office buildings, outpatient facilities and similar healthcare real estate assets. A pioneer in this sector, Seavest made its first healthcare real estate investment in the mid-1980s. Today, the firm has a significant portfolio of medical office and outpatient properties which are controlled through dedicated healthcare real estate investment funds. For more information, please visit www.SeavestHCP.com or call (914) 683-8474.
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